Overview about How to Transfer Bike Insurance?

Two wheelers remain the smartest mode to commute when it comes to cutting through the dense traffic on Indian roads. However, they are also more vulnerable to road accidents compared to other modes of transport. This is why, getting your two-wheeler insured is the most important thing to do to ensure continued protection from losses resulting from accidents and other hazards.

How to Transfer Two Wheeler Insurance?

While buying a two-wheeler insurance is mandatory by law, most people do not know what to do with the insurance policy while they sell off their vehicle or transfer the ownership to another person. A policyholder must be aware of the basic process of transferring their insurance policy and to retain associated benefits of the same.

When you sell your old scooter or bike to get a new one, the whole transfer process involves transferring the ownership of the vehicle and transfer of the insurance policy while informing the RTO on the sale of your vehicle.

Though two wheelers are the smartest mode of transport when it comes to avoiding dense traffic, given the rickety state of Indian roads, two wheelers are more vulnerable to road accidents than other vehicles. To ensure continued protection of your bike/scooter from accidents and other dangers, it is very important to not only buy a comprehensive insurance cover, but also renew it on time. A standard two wheeler insurance policy covers your two wheeler from a range of unforeseen dangers, threats and risks.

It is of utmost importance for policyholders to know the basic terms of their two wheeler insurance policy. This piece of information comes in handy renewing the policy, and also while transferring an insurance claim of the vehicle.

Constituents of A Two-Wheeler Insurance Policy

Most of the two wheeler insurance providers offer insurance policies that mainly constitute two important parts. The first part contains important details such as the name of the policyholder, phone number, and address. It also records the policy number, policy issue date, term of the policy, and location.

The second part comprises details such as vehicle registration number, model and make of the vehicle, year of manufacture, engine displacement capacity, coverage, IDV, engine and chassis number, and more.

Process To Transfer Your Two Wheeler Insurance

While transferring your two wheeler insurance policy, the policy has to be transferred in the name of the transferee.

The transferee needs to apply in writing within a specific time with documents relating to proof of vehicle delivery.

The documents and details required for the process are the RC of the vehicle, the date when insurance was transferred and the details pertaining to previous insurance policy.

The name of the previous policyholder and previous vehicle owner, policy number and date of insurance are also to be submitted to the insurer to help them make necessary changes in the records and issue a fresh certificate of insurance.

Two Wheeler Insurance Online

Third-party premium is taken into consideration for the purpose of premium calculation. The premium is calculated under the own damage and third-party premium section. Own damage section is for the insured two-wheeler and accessories. It will also show the discounts as applicable, for instance, No Claim Bonus, etc. Hence, to put it simply, third party section shows insurance premium amount for third party coverage.

Whenever you dispose of your old two-wheeler to make way for a better and newer mode of commute, there are certain things you should be careful about. Transferring the ownership of your old vehicle also involves correctly transferring all the associated documents to the new owner.

Benefits of Transferring Your Insurance Policy

A lot of people assume end of responsibility once they sell their two-wheelers. However, there could be legal complications and ambiguities if the paperwork of the sale is not given the right attention. The process may seem like a lot of work but carries a lot of importance to prevent yourself from any liabilities that may result from the actions of the new owner of the vehicle. While it is important to handover all vehicle related documents to the buyer, it is also important to transfer the insurance policy. The same may have following benefits:

Guarding Against Future Liabilities – In case the new owner of the vehicle causes a damage to a third-person or their properties and a third-party claim has to be filed. Now if you haven’t transferred the ownership of your vehicle and the insurance policy, you would be named in your policy and will be held legally liable. To prevent yourself from such troubles, you must ensure that all the documents including the insurance policy are properly transferred to the buyer of your old vehicle.

Withholding the No Claim Bonus – If you have not made any claims on your two-wheeler insurance policy during the preceding year, you are eligible to get a No Claim Bonus (NCB) from your insurance provider. NCB is an incentive offered to you by your insurance provider for riding safe and making no claims. When you transfer the ownership of your vehicle, do inform your insurer about the same and collect a No Claim Bonus Certificate which will help you avail discounts on your premium the next time you buy a two-wheeler insurance policy.

While selling your old two-wheeler to any person, be sure that you complete all the paperwork, inform the RTO through the right process and transfer all the relevant documents including your insurance policy to the buyer of your motorcycle or scooter.

How to Transfer Two Wheeler Insurance ? Reviews

I have two wheeler insurance with IFFCO TOKYO from last 6 years, a premium of Rs 1300 has to be paid for this insurance policy. There was no claim experience so far with this insurance policy. I am happy with the policy coverage and plan benefits of this policy.

Last two years i have not spoke with the customer care service for any reason. The dealer has provided the policy with HDFC Ergo since i took the loan with them. I pay the premium amount of Rs. 1000 and its renews every year. I have not gone through about the policy details. For past 2 years, i have been renewing the policy with same company.

I took a two wheeler insurance with Oriental Insurance. In my company, they have tied up with one agency for the personal and vehicle insurance. I have paid 1400 rupees for a year. The services are good. The process was simple. The policy coverage and the plan benefits.

My two wheeler is insured with Royal sundaram insurance from last 4-5 years, a premium of Rs 2000 has to be paid for this insurance policy. There was no claim experience so far with this insurance policy. I am happy with the policy coverage and plan benefits of this policy.

I have not used the insurance policy so far. I never claimed anything in this policy. I have not spoke with the customer care. My friend has recommended me about the two wheeler insurance policy with Reliance. I pay the premium amount of Rs. 1500 for one year. I renew the policy through onine.

I have taken a two wheeler insurance with HDFC Ergo. I got a Passion Pro and Scooty for both the vehicles, I used to renew with HDFC Ergo. The customer service is good. There is no claim experience. The policy coverage and the plan benefits are good. I pay 4,000K yearly for 2 vehicles. The policy period is one year.

When i purchased the vehicle, the dealer has provided the insurance with HDFC Ergo. I have not used any claim with HDFC Ergo. I have not spoke with their customer care. I pay the premium amount through credit cards. Last year i have bought this policy. Since i'm existing customer of HDFC, i have selected my two wheeler policy with HDFC Ergo.

My two wheeler insurance policy was taken from Reliance. The dealer was provided the two wheeler insurance policy when i purchased my bike. I have paid a premium amount of Rs. 7000 for two years. The policy covers all the parts of the vehicle. The documentation process was good. According to the bike condition, they have provided 100% coverage value.

It is very good and I have a two wheeler insurance with Bajaj Allianz and it was recommended by the showroom person. I have a Honda Activa bike. It is a one year policy. I got the insurance papers on time. There is helpline number to reach the customer support. The premium was paid through cheque.

I have a two wheeler insurance with New India Assurance from last 3 years, i am not aware of the premium amount as my company pays it. There was no claim experience so far with this insurance policy. I am happy with the policy coverage and plan benefits of this policy.

I have purchased the health insurance policy with Oriental. My entire family has been covered in this policy. My organization has provided the policy and they will be managing all the policy details. I never interacted with the oriental customer care services. I had a claim experience with oriental but my company taking care of that when i submitted the documents. Its taking 20 days to get settlement. They have given me a coverage value of Rs. 5 lakhs.

Using the bajaj Allianz insurnace for my two wheeler for last 2 years. I used to pay the premium of Rs. 1240. They have provided the value of the bike Rs. 38000. They have covered for 70% of the bike value. I never faced any issues with the policy. Because of the lower price, i have selected the policy with Bajaj Allianz.

I have a bike insurance with ICICI Lombard. Its a one year policy. I asked the service provider for an insurance and they was suggest me ICICI Lombard. I have paid 1300 rupees for a year through cash. I have claim experience, they have taken almost 18 months for the reimbursement. I am satisfied with the policy coverage and the plan benefits.

The plan is good with Bajaj Allianz insurance company, in terms of coverage value, the insured value around Rs. 47,000 for my Honda Dream yuga bike, its just two years old. I have coverage for loss, damage, accidental. They have many service centers as well.

The bike policy was arranged through the dealer, since it mandatory purpose I took the policy from Bajaj Allianz. I don't have any option hence I took by paying some premium. I availed comprehensive policy for my bajaj discover bike for one year tenure.

Its convenient to go head to chose all the options, they have option to increase the IDV, even the premium is good. I have been experience with Bharti axa two wheeler policy around five years, whenever I renew the policy I get the no claim bonus.

I did not have any claim experience with National two wheeler insurance. I have not spoke with the customer care service as of now. I made a premium amount of Rs. 1400 for one year. The reason for selecting the National insurance is when i purchase a bike from dealer who provided the policy with National and i'm continuing the same. They have given a value of the bike is Rs. 55K.

When I purchased the Honda Activa bike at that time they provided an insurance. It is a one year policy. One of my friend is working there so he will takes care of my policy. If anything goes wrong,they will recover 70% to 80% of the damage, remaining 20% from my end.I am planning to renew the policy again with National Insurance.

As per IRDI policy, National Insurance is following the terms, the premium is reasonable, I have taken bike policy for three years now they do have five years plan. I have comprehensive plan its always better to go with full cover its good for us.

I have bike insurance with ICICI Lombard, I paid Rs.8700 for three years policy. It has third party plan with personal accidental. But the guys are not responsible, when they want to sell some thing they call , during queries they wont respond.

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